Client Alert

Further Developments in the Operation of the ECB Repo Facility

October 20, 2010

Conor Downey & Diego Shin

On 9 October 2010, the European Central Bank (ECB) published its latest set of amendments to the General Documentation on Eurosystem Monetary Policy Instruments and Procedures which, among other things, provides the framework governing access to the ECBs emergency liquidity facility, commonly known as the repo facility. In the context of the ECBs eligibility criteria for asset backed securities (ABS) access to the facility, many of the amendments codify in formal legal terms modifications to the ECBs criteria as adopted over the course of the past couple of years and on which we have previously commented . However, in a number of areas the ECB has gone beyond this and introduced additional potentially significant changes.

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